Innofactor - Solid growth pace continues
Innofactor’s Q1 results were good and surpassed our expectations. Net sales grew 19.2% y/y to EUR 20.2m (Evli EUR 18.3m). EBITDA amounted to EUR 2.5m (Evli EUR 2.2m). Guidance reiterated, Innofactor’s net sales and EBITDA in 2023 are expected to increase compared with 2022.
- Net sales in Q1 amounted to EUR 20.2m (EUR 17.0m in Q1/22), above our estimates (Evli EUR 18.3m). Net sales in Q1 grew 19.2% y/y and 10.9% organically. Net sales increased in Finland and Norway, and in Sweden in local currency, but declined in Denmark.
- EBITDA in Q1 was EUR 2.5m (EUR 2.0m in Q1/22, above our estimates (Evli EUR 2.2m), at a margin of 12.3%.
- Operating profit in Q1 amounted to EUR 1.7m (EUR 1.3m in Q1/22, above our estimates (Evli EUR 1.4m), at a margin of 8.5%.
- In Q1 Innofactor managed to further enhance the efficiency of its operations and the invoicing rate improved when compared to Q4/22. Innofactor’s number of personnel increased by over 13 percent y/y and the use of subcontracting increased. The increase in FTE’s involved in customer work promoted the growth of net sales and the operating margin.
- Order backlog at EUR 76.3m, up 6.9% y/y. New orders included a digitalization project Metso Outotec Plc (approx. EUR 0.7m) and the continued development and maintenance of Senate Properties’ HR system (approx. EUR 0.8m)
- Guidance for 2023 (reiterated): Innofactor’s net sales is expected to increase from 2022 (EUR 77.1m) and EBITDA is expected to increase from 2022 (EUR 7.8m).